Tuesday June 20, 2006

Boards approve merger of Empire, Power credit unions

Regulatory, membership approval final hurdles

    The boards of directors of Empire Federal Credit Union and Power Federal Credit Union recently voted to approve their merger.

    The newly merged credit union, renamed Empower Federal Credit Union, will have assets of nearly $600 million and a membership of approximately 78,000 members. The merger must be approved by the National Credit Union Administration and the credit union membership to be final.

    Upon receipt of approval from the NCUA, the federal regulator of credit unions, Empire’s members will be asked to vote on the plan. The vote is expected to take place in the fall.

    The merger would join the two largest Syracuse-based credit unions. Empire serves more than 46,000 members, has approximately 145 employees, and holds assets of over $290 million. Power serves more than 32,000 members, has 110 employees, and holds over $293 million in assets. The merged organization will have branch locations in Onondaga, Oswego, Oneida, Broome and Erie counties.

    When merged, the credit union will have 38 proprietary ATM locations and 11 office locations, with two new branches opening this year. The credit unions also participate in ATM networks totaling over 32,000 locations. “We believe that a merger offers numerous advantages for our members,” said John Wakefield, president/CEO of Power. “Our boards’ decision indicates that they see tremendous potential as well.”

    Members will have access to all branches and ATM locations of both Empire and Power, including a national ATM network. “By combining our resources, we can offer members better and expanded access,” said Ray Curtin, president/CEO of Empire. “Credit union membership will become even more valuable as a financial consumer option.”

    Empire Federal Credit Union was established in 1950 by employees of the Syracuse office of the New York Telephone Company. Empire’s field of membership now includes 600 member companies, plus the cities of Fulton and Binghamton, and the towns of Granby, Hannibal and Union.

    Power Federal Credit Union was established in 1939 by employees of Niagara Mohawk. Their field of membership now includes the cities of Syracuse and Utica, the village of New York Mills, and selected census tracts in Liverpool, as well as nearly 370 occupational groups and associations.

Oswego County Business Magazine
Issue 158

Issue 158
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